Tata Steel approves share allocation, Honasa Consumer profits surge

MUMBAI – Indian markets are poised for a subdued opening today as the GIFT Nifty on the National Stock Exchange International Financial Service Centre (NSE IFSC) shows a slight decline. In corporate developments, Tata Steel has received board approval to allocate shares to Tata Steel Long Products Ltd shareholders, marking a significant step in its corporate actions. Meanwhile, Honasa Consumer, known for its personal care brands, has reported a robust increase in its second-quarter profits for the fiscal year 2024.

The operational details for major companies have been outlined as follows:

• Tata Steel is set to allocate approximately 7.58 crore shares to the investors of Tata Steel Long Products.
• Welspun Corp has announced a sizeable investment of ₹479 crore to construct a new unit in Odisha.
• Honasa Consumer has seen its net profit soar to ₹29.40 crore, with consolidated revenue climbing by 21% year-over-year to ₹496.10 crore.

In other news, InterGlobe Aviation, the parent company of IndiGo airlines, is gearing up to challenge substantial tax demands for the fiscal years 2016-17 and 2017-18, as revealed in their regulatory disclosure. These demands amount to ₹739.68 crore and ₹927.03 crore respectively.

Liberty Shoes has made headlines with the termination of Executive Director Adesh Kumar Gupta following his unsuccessful legal exemption bid at the National Company Law Tribunal (NCLT).

In technology sector collaborations, Infosys (NS:) has formalized an artificial intelligence (AI)-focused strategic alliance with TK Elevator aimed at driving technological advancements in digital transformation projects.

Lastly, State Bank of India’s Chairman Dinesh Khara has indicated that customers can expect an increase in personal loan rates soon. This change is attributed to the Reserve Bank of India’s new risk weighting norms which are expected to affect the bank’s Net Interest Margin (NIM) by a marginal degree.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.